FTX waiting for regulatory approval to sell $685M worth of Solana (Sol)
FTX crypto exchange seeking regulatory approval to liquidate its crypto assets holdings, obviously customers fund.
FTX is a bankrupt crypto exchange. In the first week of Nov 2022, this exchange collapsed badly following news by Coindesk media over the financial position of the FTX exchange & its sister firm Alameda Research. Alameda Research was one of the biggest investors in the Solana (Sol) coin.
On 9 Sep 2023, A Crypto X (Formerly Twitter) user informed the crypto community that the FTX exchange is very near to securing regulatory approval from the bankruptcy court to liquidate its holding crypto assets.
As per the information, the court may give a green signal for the FTX bankruptcy team by 13 September and obviously, it will bring a very big sell pressure in the crypto space.
As per records, this bankrupt crypto exchange holds nearly $3.4 Billion worth of crypto assets, including $685 million worth of Sol coin, $529 million worth of FTT token, and $268 million worth of Bitcoins.
Big selling pressure is potentially coming next week
— The DeFi Investor
FTX will likely get approval to liquidate its assets on Sept. 13.
FTX had $3.4B in crypto in April. The proposed plan is to sell assets worth up to $200M per week. pic.twitter.com/4aHnhOVKP1(@TheDeFinvestor) September 9, 2023
If the court approves this bankrupt crypto firm to liquidate the holding assets, then the bankruptcy team will sell $200 million worth of crypto assets per week.
Under the leadership of FTX’s current CEO John Ray III, the FTX bankruptcy team is trying its best to recover all the funds that were donated or gifted by the FTX team on behalf of the FTX’s former CEO Sam Bankman-Fried (SBF).
As of the latest reports, it came to light that the FTX bankruptcy team is looking for a way to bring all the money back from the sports starts, sent by the FTX exchange in the past for promotion.
SBF is currently in prison despite not being found guilty of any of the fraud charges. Since the bankruptcy of the FTX exchange, SBF was on a $250 million bond bail but recently it was found that he violated the bail conditions and as a result of this action the court revoked his bail.
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